No applicability of sec. 115JB(2)(b) to Union Bank due to non-company status under Companies Act

Union Bank of India Vs DCIT (ITAT Mumbai) Conclusion: Section 115JB (2)(b) inserted by Finance Act, 2012 w.e.f. 1-4-2013, that is, from assessment year 2013-14 onwards, were not applicable to the banks constituted as ‘corresponding new bank’ in terms of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and therefore, it did not apply to Union Bank of India due to non-company status under the Companies Act despite the deeming provision in the Acquisition Act for Income Tax Purposes. Consequently, the tax on book profits (MAT) were not applicable to such bank...